Another big mortgage lender increases rates

CIBC is the latest big bank to increase mortgage rates saying that it is “responding to the market.” The move, which follows increases by RBC, TD and Scotiabank, affects two products; the special offer 3 and 4 year fixed rates, which rise 10 basis points to 2.59 per cent and 2.84 per cent respectively. Brian McLister of RateSpy.com told The Financial Post that part of the story may be banks preparing for a possible interest rate cut by the Bank of Canada which some economists are predicting could come as early as this month.